ETH / USD medium-term trend: Bearish
Resistance levels: $ 240, $ 260, $ 280
Support levels: $ 220, $ 200 , $ 180
Yesterday, September 6, The price of the Ethereum was in a bearish trend: the ETH price fell to its previous low of $ 211.11, while the cryptocurrency seems to have closed the bearish pressure when the price fell in a range range movement. Therefore we should start long trades above and stop-loss orders below the price level of $ 200.
Since the positions reach a profitable state, we can bring our stop-loss orders to the breakeven point. However, the MACD line and the signal line are below the zero line indicating a sales signal. Also, the price of Ethereum is lower than the 12-day EMA and the 26-day EMA that indicates that the downward trend is underway. Relative Strength Index period 14 is level 26 which indicates that the market is oversold which suggests bulls take control of the market.
ETH / USD short-term trend: Ranging
In the 1 hour chart, the price of Ethereum is in lateral tendency. The cryptocurrency is fluctuating below and above the price level of $ 230. The price of Ethereum is neither lower nor higher than the 12-day EMA and the 26-day EMA, which indicates that the price is in a lateral trend. The MACD line and the signal line are below the zero line indicating a sales signal.
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